USD/CAD grinds higher past 1.3600 as sluggish Oil price jostles with banking, US default concerns – by anilpanchal7 USDCAD Oil Banks RiskAversion Macroeconomics
Markets consolidate the previous day’s moves ahead of the key US data amid central banks’ efforts to restore confidence.
Worrisome earnings from First Republic Bank, indecision over US debt ceiling underpin Loonie pair’s latest run-up.USD/CAD struggles to extend the biggest daily gains in seven weeks as it makes rounds to 1.3620-30 during early Wednesday. In doing so, the Loonie pair seems to take clues from the latest pause in theprice downside, Canada’s main export, as well as the market’s consolidation ahead of the key US Durable Goods Orders for March.
It’s worth noting that the WTI crude oil remains pressured around $77.00 after falling to the lowest levels in three weeks on Tuesday. The black gold’s latest pause in further downside could be linked to the sluggish markets and cautious mood before the key US data and weekly Oil inventories from the US Energy Information Administration .
Talking about the risks, Wall Street closed in the red while the US Treasury bond yields remained downbeat as the First Republic Bank’s disappointing earnings reports joined the executives’ resistance in taking questions and no earnings guidance to trigger a fresh wave of banking jitters. Even so, the major central banks tried to restore market confidence by curtailing the US Dollar operations initiated during the first wave of the banking crisis.
On the other hand, fears of US debt ceiling expiration also weigh on the risk appetite as the current limit expires in June. That said, US Treasury Secretary Janet Yellen warned that failure by Congress to raise the government's debt ceiling–and the resulting default–would trigger an "economic catastrophe" that would send interestIt’s worth noting that mostly upbeat US data also favored the USD/CAD buyers.
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